Uber Nigeria’s innovative used-vehicle finance partnership with FirstBank paves way for driver-partners to grow their businesses

Uber Nigeria (http://www.Uber.com) today announced that it is now making low-interest, used-vehicle loans available to its top-rated driver-partners. The pioneering move is the result of partnerships entered into between Uber Nigeria and First Bank of Nigeria Limited, as well as smaller financiers. This means that, for the first time, Uber driver-partners in Nigeria will be able to apply for finance for used vehicles based on their driver performance records.

According to Ebi Atawodi, General Manager for Uber in Nigeria, the used vehicle finance offering is the first of its kind to be made available to Uber driver-partners in the country and this is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners.

“We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their own successful and profitable businesses,” Atawodi explains, “and these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses without incurring the high costs often associated with new vehicle purchases.”

The move is set to create significant business growth opportunities for driver-partners by allowing them to access used-car finance from First Bank of Nigeria Limited at a very competitive interest rate of just 20% per annum over a 24 month repayment period. Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme will attract 22% per annum, with a maximum repayment term of 36 months.

According to MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Adesola Adeduntan, the Bank is committed to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development. “It remains our business to foster the growth and development of small and medium scale businesses in Nigeria as the No1 SME Bank. This is the reason why we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,” he further stated.

In order to qualify for this preferential used-vehicle finance from First Bank of Nigeria Limited, Uber driver-partners will need to be able to demonstrate an average driver performance rating of higher than 4.5 and have earned more than N2,400,000 in the preceding 6 months.

Atawodi is quick to emphasise that Uber’s commitment to helping its driver-partners build their businesses extends far beyond just making innovative vehicle finance available to them. Rather, these offerings come on the back of Uber’s existing range of innovative business-building solutions, including Uber Marketplace, which is a one-stop national vehicle access solution designed to connect driver-partners and investors to suitable vehicles at discounted rates. Uber Nigeria also recently launched its well-received UberMomentum Partner Rewards Programme that delivers localised discounts, preferential deals and rewards exclusively to driver-partners and small business owners.

“The growing suite of vehicle finance, business and lifestyle solutions that Uber Nigeria is making available to driver-partners and other business investors reaffirms our commitment to supporting and partnering with them to ensure their success,” Atawodi explains, “not just in terms of helping them to increase their income and profits, but more importantly by affording them every opportunity to truly transform their lives by establishing and expanding viable and sustainable businesses of their own.”

“By linking these solutions to the performance of our driver-partners, we further increase their chances of long-term business success, while at the same time building a network of transport professionals that Nigerians know they can trust to get them to their destinations safely and comfortably,” she concludes.

Uber’s mission (http://www.Uber.com) is to help people get a ride at the push of a button – everywhere and for everyone. We started in 2009 to solve a simple problem – how do you get a ride at the touch of a button? Six years and over two billion trips later, we’ve started tackling an even greater challenge: reducing congestion and pollution in our cities by getting more people into fewer cars.

The Uber network is now available in over 475 cities in over 75 countries spanning 6 continents. To request a ride, users must download the free application for Android, iPhone, Blackberry 7, or register for Uber at www.Uber.com/go. For questions visit www.Uber.com

First Bank of Nigeria Limited (FirstBank) is Nigeria’s premier and most valuable banking brand, and largest financial services institution by total assets and gross earnings. With more than 12 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimized risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” five times in a row – 2011, 2012, 2013, 2014, 2015 – by the globally renowned “The Banker Magazine” of the Financial Times Group; and “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014. Recently, for the fifth consecutive time, the Bank clinched the “Best Retail Bank in Nigeria” award by The Asian Banker. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

With more than 900 million consumers, the continent of Africa is one of the world’s fastest growing markets. In Africa Rising, it revealed this remarkable marketplace as a continent with massive needs and surprising buying power; but what communication experts did not expect was the surge in massive information sprouting from each sector, industry, government from all kinds of sources.

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